Mahindra to invest Rs 2,325 cr in Maharashtra; to set up Rs 1700-cr film-based entertainment centre in city

February 19, 2018 — INDOLINK Consulting (es)

Source: Financial Express, Feb 18, 2018

Mumbai: The Mahindra Group today announced over Rs 2,300 crore investment in the state in three projects of which as much as Rs 1,700 crore will be spend towards creating an entertainment destination at Kandivali, a northwestern suburb of the megapolis. Addressing the Magnetic Maharashtra investor summit here this evening Mahindra group chairman Anand Mahindra said his software company Tech Mahindra will invest Rs 125 crore to create an all-green tech hub in Nagpur that will create ate least 2,500 jobs. On the Rs 1,700-crore investment announced in the city, Mahindra said, “we are exploring to set up a unique film-centric entertainment destination on our land at Kandivali in the city as Mumbai is the heart of Hindi film industry.

“This will create hundreds of direct and indirect jobs and we plan to spend Rs 1,700 crore on this venture,” he told the summit that was inaugurated by Prime Minister Modi. It can be noted that the group already runs a successful tour and leisure services company Mahindra Holidays and this announcement hints that the group is ready to tap tourism and related segments in a more aggressive manner.

He also siad the company will invest another Rs 500 crore in the state for which his group has “executed an agreement with Maharashtra for an investment of Rs 500 crore under the new electric vehicle policy.”

It can be noted that Mahindra is the first electric car maker in the country after it bought out the Bengaluru-based electric car company Reva, which again was the first such firm in the country. The company has also won an order of supllying 150 electric sedans to the government-owned ESSL as part of the government push to an all-electric transportation system in the country by 2030.